IBM announces cold storage technology for cryptocurrencies, collaborates with Ripple’s Metaco and others
Strengthening the security of digital assets
On the 5th, US IT giant IBM announced a new solution for digital assets such as crypto assets (virtual currency) called “IBM Hyper Protect Offline Signing Orchestrator (OSO)â€.
OSO is a technology to support the use of cold storage of digital assets. IBM said it has been working with Metaco, which was acquired by Ripple, and several banks to develop this technology.
What is cold storage?
Cold storage of digital assets refers to the methods and locations used to store assets. It is also called a “cold wallet,†and its main feature is that it is disconnected from the Internet.
Virtual currency glossary
In this announcement, IBM explained that it expects all assets to be tokenized as the financial ecosystem matures. He believes that tokenization of the world’s illiquid assets will become a viable business in the coming years.
connection:Why investors are interested in real asset tokenization and what is Real World Assets (RWA)?
He said that as the industry continues to develop, there will be a need for cold storage solutions to match the growth of the market.
Adrien Treccani, CEO of Metaco, commented as follows:
IBM’s Confidential Computing division is a trusted partner and we have been working together for several years. We are pleased to complement our cold storage solutions with OSO.
The need for cold storage solutions is increasing and is being required by regulatory bodies in countries such as Singapore, Hong Kong and Japan.
IBM also pointed out that as digital assets become more widespread, regulations will be developed and strengthened.
connection: IBM considers the key to popularizing the “digital euroâ€
Role of OSO
In this announcement, IBM pointed out that existing cold storage has the following challenges:
- Manual intervention required to execute transactions
- Only certain administrators can access it
- Expensive to operate
- An error occurs during operation
- Not truly scalable
On top of that, he argues that the root cause of all problems lies in “interactions between humans.†OSO was developed to solve these problems.
OSO primarily works to enhance safety and protect transactions by adding security layers such as disconnected operations, time-based safeguards, and multi-stakeholder approvals. It also plays a role in safely and efficiently executing digital asset transactions.
connection: Iwate Bank begins demonstration experiment of IBM blockchain platform
The post IBM announces cold storage technology for cryptocurrencies, collaborates with Ripple’s Metaco and others appeared first on Our Bitcoin News.
